Bitcoin Spot ETFs: Traditional Money is All In
As of now, Bitcoin Spot ETFs hold a total of 1.23 million BTC. Considering the current circulating supply of 19,883,881 BTC, this means ETFs now hold about 6.2% of all Bitcoin in circulation. That’s a massive chunk.
📉 Excluding GBTC, the average entry price of ETF holdings is around $73,600 — a key support level in case of a major correction.
📊 The current MVRV ratio for ETFs is 1.43, indicating modest profitability. Historically, Bitcoin tends to peak when MVRV reaches around 3.7, meaning there’s likely still room for upside.
That said, ETF investors are not degen traders. They are traditional, institutional players — and might take profit with much lower risk appetite. A 50%–75% gain might be “enough” for many of them.
🪨 And yes, BlackRock dominates the game with 692,876 BTC under management. They are the rock.
📌 Conclusion:
Over 6% of Bitcoin’s circulating supply is now locked inside ETFs, creating serious supply pressure. While most ETF investors are still holding strong, the average entry price at $73K means a lot of them are sitting on thin profits. The trend is still bullish — but with cautious optimism. We need to watch ETF's MVRV closely.
Written by burakkesmeci
